Mar. 6, 2010 (United Press International) -- Regulators say they shut down banks in Florida, Maryland, Illinois and Utah, raising to 26 the number of U.S. bank (NYSE:USB) failures this year.
The Federal Deposit Insurance Corp. said Friday Sun American Bank (OTCBB:AMBK) (OTCBB:AMBKP) , based in Boca Raton, Fla., Bank of Illinois of Normal, Ill., Waterfield Bank in Germantown, Md., and Centennial Bank in Ogden, Utah, had a total of $1.1 billion in assets and $1 billion in deposits.
The $304.8 million cost of the closings will come out of a fund the FDIC maintains.
The largest of the four banks, Sun American, had $535.7 million in assets and $443.5 million in deposits and 12 branches. It is to reopen Monday under the name First-Citizens Bank (AMEX:FZB.PR) (OTCBB:FCNCB) (NASDAQ:FCNCA) & Trust Co., which is to assume its deposits and assets as part of a loss-sharing agreement with the FDIC.
Waterfield Bank, with only a single branch, had gotten $156.4 million in deposits from customers through the Internet and affinity groups. Waterfield, which closed with $155.6 million in assets, counted among its management two alumni of Goldman Sachs Group Inc. (NYSE:GS) , Randall and Richard Waterfield.
The Bank of Illinois, with $211.7 million in assets, will reopen under an agreement between the FDIC and Heartland Bank & Trust Co. in Bloomington. With two branches, the bank had $211.7 million in assets and $198.5 million in deposits.
The Utah Department of Financial Institutions appointed the FDIC as a receiver for Centennial Bank, which had $215.2 million in assets and $205.1 million in deposits.
